Removing contingencies...

 Does anyone put in their contracts that the short sale is contingent upon fully released liens and agreement of the lender not to pursue deficiencies? We have this as standard language in ALL our short sale contracts and yesterday, I got a not from the newly assigned negotiator at ASC that they want it removed.

 

Thoughts?

Views: 49

Replies to This Discussion

Permalink Reply by Mary Wilcox on May 18, 2011 at 1:58am
Wow! That's bold to use that language. No, we have never put that in our contracts but I think it's worth a try.  cool!  :-)
Permalink Reply by Smitty on May 18, 2011 at 2:11am
We use it in our contracts and have never had it questioned.  It doesn't mean we've gotten every deficiency waived, but I'd say 90% of everything we've closed has come in with a waiver.  We've never had a lender ask it to be removed though.
Permalink Reply by Maya Thomas on May 23, 2011 at 12:51pm
Yes, I put that clause in my contracts.  

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